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Today's Trackdown for Thursday - Dec 2, 2021

SPY Charts and some Technical Analysis

Today's Economic Calendar - The Charts - Opinion - Stock Picks.

Today's Economic Calendar:

8:30 AM: The initial weekly unemployment claims report will be released. The consensus is for 250 thousand initial claims, up from 199 thousand last week.


(NOTE: Charts are a guide, do other research as well.)


The markets took another dive on Wednesday. Fed Chair Powell's comments and Covid variant fears are still the blame. We may get a bounce back again tomorrow. Currently the market is being moved by news events and charts mean a bit less.

We dropped below the important 50-day moving average. I would expect a rebound attempt to get back over it.

We are now marking a wide trading range of SPY 250-270.


The Stochastics are now low/overbought.


We were expecting a sideways range bound market to develop, OR a resumption of the previous uptrend. The uptrend was back in, until the latest sell-offs. Currently a wide trading range is in place.

Risks: Negative budget or inflation headlines, political uncertainty, and/or Covid fears.

SPY 430 is our strong support level. This level could also be considered a stop area for some traders. SPY 450 is also a support level.

* If you have any questions, opinions, or comments to add please do so! *

IF wanting to gamble: Options trades on these ETFs will give you a way to place your bets. $TQQQ - $SQQQ - $SPXL - $SPXS.

* Beware - levered ETFs are subject to decay and are not for long-term holding. *


    • We are above the 200-day moving average, which is rising.


    • Dropped below the 20-day moving average.
    • Dropped below the 50-day moving average.
    • Think about the Fundamentals, Valuations, Virus news, the Economy, Jobs, Politics, The FED, etc.?
    • Inflation fears?
    • Some things out there to worry about still! Or a wall of worry to climb as the saying goes.


    • Risks and fears have dropped us into a trading range.
    • Longer-term questions to ask: When will the Fed's easy money and the stimulus sugar run out?
    • Will higher inflation cause the Fed to raise rates? Covid still hurting the economy?
    • Supply chain issues?

    • We still say "Use Caution". Do not over risk yourself or over leverage yourself.
    • We are still susceptible to large drops or dips.
    • Look for trading opportunities that could result and have your trading lists ready.

    * Be careful if using MARGIN, be certain of your trades! *


    The MACD is positive, declining. The Stochastics are low, overbought. The Money Flow is negative.

    MA +/- (slope): The 50-day MA (452.71)(+0.34) and the 200-day MA (427.25)(+0.31)

    The 8-month chart (below).

    We are above the 430 strong support level and 450 support level.

    We have broken below the long-term blue trendline.

    STOCK PICKS: (For trades and/or investments.)

    • Current trading favorites: AUPH - Aurinia Pharma (BMY is rumored to be buying them out!), CARA - Cara Therapeutics, EPZM - Epizyme, EXEL - Exelixis (A bargain here), HZNP - Horizon Therapeutics (A big winner for us last year), IOVA - Iovance (Accumulate on weakness), KPTI - Karyopharm (Accumulate under $10), SGMO - Sangamo (Promising data here, accumulate.), TGTX - TG Therapeutics (Our Top Pick!).
    • Tech Picks: CRWD - CrowdStrike (Be aware it has a high valuation), DT Dynatrace (Good longer-term hold).
    • Also watching: IMGN, VKTX.

    ** TGTX is a great buy at current levels, recent selling is way over done! Longer-term this will be higher. Accumulate as much as possible. Their pipeline MS drug looks like it will be best in class. **

    * Feel free to share your list/picks in the comments below.

    Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal.

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